I've sold 1/4 ING now at 9.02, leave the other 1/4 till it gets close to 50MA (9.5) or so.
I may try to short if we get to 50MA for a short bounce from the 50MA resistance ceiling.

Looks like the general market is going to nudge higher till it tries to reach SPX 1173, perhaps
by this Friday.

C under pressure.. because of Morgan Stanley.

Closing update
Dow 10896.91 +148.65 +1.38%
Nasdaq 2425.02 +49.71 +2.09%
S&P 500 1171.67 +15.88 +1.37%


Wow! Looks like the bulls are back. They're hitting at the 50 days MA door already. Dow already crossed over, now waiting at S&P500.
The percentage of S&P500 stocks above the 50MA now has risen to 45% as compared to only 15% just last Friday.

TCK took a beating earlier when hedge fund sold and buy Gold (look at Gold price now..ridiculously high).
Lucky, it has recovered some.

Also, I just look at my AAPL calls purchase last week.. I'm not going to jinx it by saying anything now..
hopefully I get more good news by tomorrow.

Update:
CSCO reported earnings - beat estimates but cautionary remarks from CEO caused some sell off AH.


This post has been edited by danmooncake: May 13 2010, 06:08 AM

Something cooking X tonight... 3% surge

Oil under pressure.. below $74 now. UCO is looking very attractive!
I need it below $11 and I'm buying!

Update:
OMG! Look at BIDU after split.. more affordable, $15-$20 pop just 5 days.
This thing going to rocket to $100.

This post has been edited by danmooncake: May 13 2010, 09:50 PM

C just following JPM. Not too healthy for now.
General market moving sideways.. it may pull back today.

No loss no gain if you've not made the transaction.

X definitely a big gain tonight.. I feel like taking profit but I think it can touch $60, closer to that test that resistance level at 50MA by tomorrow or next week (if the market doesn't tank). Anyway, now the market is just consolidating a bit, setting a base here.


My AAPL May 250 calls premium have just exploded 300%.. I'm writing some in-the-money calls to sell now.
If somebody buys 'em, I'm going score big.

This post has been edited by danmooncake: May 13 2010, 11:26 PM

Here's why X pops up tonight. GS pumping it.

SAN FRANCISCO (MarketWatch) -- U.S. Steel Corp. /quotes/comstock/13*!x/quotes/nls/x (X 57.37, +2.34, +4.25%) shares rose $2.10 to $57.13 in early trading on Thursday, resisting a broader market dip after Goldman Sachs added the stock to its "conviction buy" list. The shares have more than doubled in the past year as easing economic pressures have helped lift the steel sector. "Global steel production has rebounded, approaching the peak seen in mid-2008," analyst Sal Tharani said. "We expect 2010 worldwide steel production to be higher than in 2008. At the same time, inventories in the US remain at historically low levels." Elsewhere, Titanium Metals Corp. /quotes/comstock/13*!tie/quotes/nls/tie (TIE 17.85, +0.78, +4.57%) added 1.8% while AK Steel Holding Corp. /quotes/comstock/13*!aks/quotes/nls/aks (AKS 16.39, +0.20, +1.23%) and Steel Dynamics Inc. /quotes/comstock/15*!stld/quotes/nls/stld (STLD 16.26, +0.91, +5.93%) jumped almost 4% each

Source:
http://www.marketwatch.com/story/story/pri...FE-1314521930F0

Sure, I like to see the steel industry recovers this year.. come mon, go go go!

Closing update:
Dow 10782.95 -113.96 -1.05%
Nasdaq 2394.36 -30.66 -1.26%
S&P 500 1157.43 -14.24 -1.22%

Look at that.. market decided to roll over towards the end.
Dow can't muster strength to stay above 10800. This market looking bearish again with
much larger than expected volume went into sell mode.

Managed to sell some of my of AAPL MAY 250 calls for 300% gain!
At close, the gains have dropped to 150%. Playing with options is like 10x ETF.

Also, I've sold 1/4 of position in X while I'm still in profit.

Watch out Friday evening...it may not be pretty. Get ready to become a bear again.

This post has been edited by danmooncake: May 14 2010, 05:09 AM

Tonight, we may open down again but wait till after 12am.. watch for signal for $SPX to touch close to 1150 - it may bounce back up. If drops below, look to buy as close to 1100.

I'll be playing SSO (long) and SDS (short).

Update:
I'm in SDS now (up premarket). Depends on how it goes, I may look to exit a bit out of SDS and go long SSO later tonight.

Euro is in the dumps now (below the 1.24 range).. talks of France getting out of Euro exacerbated the issue.
Gold prices shooting to the moon now .

This post has been edited by danmooncake: May 14 2010, 09:13 PM

Yup, all gains that was acquired on Monday almost all given back. But, if we close above 10400, still positive but the technical trend looks very bearish, this isn't good for next week. Longs should wait before buying. This isn't the bottom yet.
Meanwhile just ride out the shorts a bit more. I'm going hold SDS until early next week.

Holding SDS.. already gained 4%. I'm going to hold till next week if we don't recover by closing.
I've a feeling Dow will go down to near 10K or SPX 1080 if we don't bounced off 1100 by next week.

Hang tight..

This post has been edited by danmooncake: May 15 2010, 01:52 AM

Yes, that's attractive - between $51.50 and $52.50. This thing can pop up to $55 easily during bounce back.
Can even reach $70 if you're patient and much longer term.

---

Added on May 15, 2010, 1:41 amCome in and join the bear party..

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Added on May 15, 2010, 4:21 am

Closing update:
Dow 10620.16 -162.79 -1.51%
Nasdaq 2346.85 -47.51 -1.98%
S&P 500 1135.68 -21.75 -1.88%

The market came off the -200 points low and recovered somewhat.
I've decided to exit my shorts (SDS) for a 4.2% gain.

Now, long SSO going into the weekend. Early next week, most likely, I think we may get a bounce back up.

AAPL has recovered back to above $250... hopefully, it can get back above $260 by early next week,
then I can sell my other half in-the-money calls for big profit before expiration on Friday.

---

Added on May 15, 2010, 4:45 am

That's the goofball who fatfinger the crash last week.. Waldo ? Walde..?

http://wallstreet.blogs.fortune.cnn.com/20...s-waddell-reed/

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Added on May 15, 2010, 5:00 am
Pickup some UCO @ 10.25 to play.

This post has been edited by danmooncake: May 15 2010, 05:00 AM

It could be both.. I think we'll get a small bounce up and if by Tues/Wed no good news from Europe,
possibly another dip. Hang tight.

Oil isn't doing too good, I'm hoping for a bounce up but hasn't happened yet. Going to get another buy for UCO soon.

Update:
Back to SDS again..market is going to roll over again.

This post has been edited by danmooncake: May 17 2010, 11:05 PM

There's always a 4th..week (see Jan to Feb). We're close to the bottom (if this uptrend doesn't break below the 200MA)
If you're long, be patient. Short term fundamentals in US hasn't changed.

If we do break below 200MA, watch out.. become a BEAR to ride this out.
Just be prepared.

Playing shorts is the new long..

Longs - be patient, entry price will be cheaper soon.

BP now is just a $1 away from 52 weeks low.

Now that Crude Oil has dropped to $69.. bear talks are now hitting $60 before bouncing.
Looks like my next purchase of UCO will be much lower.

This post has been edited by danmooncake: May 18 2010, 12:48 AM

Closing update:
Dow 10626.88 +6.72 +0.06%
Nasdaq 2354.23 +7.38 0.31%
S&P 500 1136.97 +1.29 +0.11%


Got out of short (SDS) with small profit. Buyers came back in..at close.

Market should go up a few points tonight and will try to short again later.


This post has been edited by danmooncake: May 18 2010, 04:41 AM

Yes, same feeling here.. don't go all in. The head fake last week was a bull trap.

Tonight, I'm letting the long ride up and taking some off if it has reached my average price, and moving some to cash.

If by Wednesday close or Thursday pre-market doesn't look good, I'm ready to short again.

Gotta to watch the Euro currency now.

Update:
Guys also watch Crude Oil. It has bounced back up ($72). UCO still looks attractive here (around $9.50 to $10).
I 'm hoping Oil to bounce back to above $80 by end of August (if the Greece problem is over by then), UCO could be around $14-$15.

Update 9:53pm
Up she goes... we're going to see 3 digits soon.
But, we need to close above 10700 and SPX above 1150 to make this worthwhile.

This post has been edited by danmooncake: May 18 2010, 09:53 PM

LVS looks strong. This thing does not want to go down below $21 unless the Dow dives below 10K.
Imo, next dip, this is a must BUY.

This post has been edited by danmooncake: May 18 2010, 10:23 PM

IMO, I see nothing wrong being ms.Orgy..
Stocks Orgy.. that is.

Resistance at SPX 1150 and Dow 10700 (Jan highs) still pretty strong.
Sellers are selling into any kind of strength here.

Not high enough for short, not low enough to go long. Not enough momentum to predict either direction.
A bit difficult to trade here. Holding pattern for now. Let see who wins by the end of the day.